Company: Bajaj Auto Ltd. Category: IPO Notes

BJAUT’s July 2017 sales declined 6.7% YoY to 307,727 units, lower than our estimate of 322,200 units. Domestic volumes declined 5.8% YoY (but grew 47% MoM); exports declined 8% YoY. To meet our volume estimate of 3.91m units for FY18, the required residual monthly run rate is 339.3k units
Aug. 30, 2017, 6:53 p.m.

Bajaj Auto: Research Report - Angel Broking
Aug. 24, 2017, 4:41 p.m.

Bajaj Auto reported weak Q1 result due to lower volumes sold in the quarter and higher RM cost. Revenue and EBITDA were 1.5% and 13% below the consensus estimates respectively. Though PAT beat the street estimates by 2%, this was due to 71% jump in the other income (dividend by KTM). Net sales and PAT declined by 5% (yoy) and 6% (yoy) respectively to `5,442cr and `524cr. EBITDA declined by 20% (yoy) to `938cr due to sharp increase in RM costs.
Aug. 23, 2017, 5:30 p.m.

Bajaj Auto (BJAUT) reported operationally lower than expected results during Q1FY18, with and EBITDA margin at 17.2%, which was 320bps lower YoY and below our expectation of 19.5%. On the back of 10.7% YoY decline in volumes and 5.7% improvement in blended realisations, BJAUT’s total income was lower 5.3% YoY to Rs54.4bn (PLe: ~Rs52bn), while EBITDA was lower a sharp 20.2% YoY to Rs9.4bn (below PLe of Rs10.1bn).
Aug. 22, 2017, 1:49 p.m.